Health Savings Account

Choose the convenience of a Health Savings Account (HSA) where you have your other accounts!

HSAs

Open a CEFCU HSA to help manage the costs of a High-Deductible Health Plan*. Keep funds from year to year — even if you change jobs, medical coverage, or marital status — plus enjoy tax advantages.*

Access funds through a CEFCU HSA Debit MasterCard®, online, or at any Member Center to pay qualifying medical expenses:*

  • Chiropractor
  • Dental and Vision Care
  • Lab fees
  • Office visit co-pays
  • Prescription drugs
  • Surgery
  • And more

The only time you pay an annual fee of $25 is if your HSA balance is less than $2,500.

Just contact CEFCU or visit a Member Center to open your HSA today!

HSA Debit Card

There’s an easier way to use your HSA funds — the free CEFCU HSA Debit MasterCard. 

You can use your HSA Debit Card wherever MasterCard, Cirrus®, or Maestro® are accepted. Plus, there's Zero Liability** on qualifying purchases.

HSA Contribution Limits

Contribution Deadline: You have until the tax-filing deadline (generally April 15) of the following year to make allowable contributions.

You cannot use HSA funds to pay for expenses incurred prior to opening the account. For more detailed information on HSA plans and taxes, visit the IRS website or talk with your tax advisor.

Health Saving Account FAQs

  • Are contributions (deposits) tax deductible?

    Yes. HSA contributions made by an eligible individual or his/her family members are deductible by the eligible individual when determining his/her adjusted gross income. The individual cannot also deduct the contributions as medical expense deductions.

  • How can I spend my HSA funds?

    Any qualifying medical expense as defined by the IRS. This can include:

    • Office visit co-pays
    • Prescription drugs
    • And more

  • How can I use my HSA?

    Use your CEFCU HSA Debit MasterCard® to pay medical bills, purchase prescriptions, and more. Or, access your HSA funds online or at any Member Center.

  • Are there fees?

    Just an annual fee of $25 if your HSA balance is less than $2,500.

For more information, visit the HSA Service Center and click Learn About HSAs.

*Consult your tax advisor for help determining your eligibility to open an HSA and your allowable contributions and withdrawals. As custodian/trustee of your HSA, CEFCU is not responsible for determining your allowable contribution amounts or whether distributions are used for qualified medical expenses. Your total contributions and withdrawals are reported annually to the IRS.

HSAs were developed by Congress for consumers with high-deductible health plans. If you are not enrolled in Medicare, you can use tax-free savings to pay for current or future qualified medical costs.

Contributions may be subject to state taxes in some states.

Includes employer contributions.

**Zero Liability: Pay only for purchases which you have authorized on your MasterCard card. Unauthorized purchases are not your responsibility. Conditions and exceptions apply. Get Details.

†Your personal contribution limit may be lower than Internal Revenue Code maximums. Individuals are responsible for monitoring their contributions limits — CEFCU does not monitor it. Consult your tax advisor with questions about how limits apply to your situation.

††Catch-up Contributions (55+): Eligible individuals over the age of 55 are allowed to make additional catch-up contributions to their HSAs. The catch-up amount is $1,000. If you turn 55 during the year, you can contribute the full $1,000.